Iran has introduced Bitcoin-backed insurance for vessels transiting the Hormuz Strait, according to Bloomberg reporting on May 18, 2026. Primary coverage from the source details the mechanism but omits prior Iranian crypto pilots documented in 2023-2025 Treasury reports. Related coverage in Reuters and Chainalysis 2025 Crypto Crime Report shows Iran routed over $2.1 billion in sanctioned oil revenues via Bitcoin and stablecoins in the preceding year. The initiative connects directly to patterns seen in Venezuelan and Russian state-linked crypto use for trade evasion since 2022, where blockchain ledgers provided verifiable collateral without SWIFT access. Analysis of on-chain flows from Arkham Intelligence indicates concentrated wallet activity tied to Iranian entities testing similar insurance proxies in 2024, a detail absent from initial reporting.